Real Estate

Take the Strain Out of Buying Your Dream Cayman Islands Apartment

March 24, 2021
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A professional real estate broker is your most important asset in making the buying process easy and warding off potential problems when looking for that perfect Cayman Islands apartment.

Moving house can be a stressful affair. Moving countries even more so. What can be done to reduce the stress of a new resident arriving in the Cayman Islands looking for an apartment to buy? Finding and working with a professional real estate broker is a straightforward process that will save a lot of stress and ensure that your experience with the property for sale in the Cayman Islands is as pleasant and efficient as possible. Try these proven tips:

Choose a CIREBA Member We’re lucky in the Cayman Islands to have an established real estate sector that adheres to an internationally accepted code of practice for buying and selling properties. Brokers’ activities are overseen by the Cayman Islands Real Estate Brokers Association (CIREBA), and its members are responsible for the large majority of homes on the market. CIREBA is the Cayman Islands chapter of FIABCI (Fédération Internationale des Administrateurs de Biens Conseils et Agents Immobiliers), the Paris-based international  network of real estate professionals founded in the 1940s.

Understand the MLS:  All the Cayman Islands property listings are shared among CIREBA’s 35-plus members under the Multiple Listing System (MLS), where more than 200 local agents share their property listing online, allowing all agents and their clients to view all available listings. MLS was developed in North America, so will be familiar to many new arrivals looking for Cayman Islands properties

Your Agent is a Goldmine of Useful Information CIREBA agents don’t just sell properties; they are a goldmine of useful information about the property market and the buying and selling process. With many years of experience, they are local experts with a vast network of contacts in the legal, banking, construction, property management, and real estate-related industries. Their knowledge and guidance will help you determine not just the budget you need, but also what type of apartment would suit your lifestyle, what districts you should concentrate your search on, even recommend a trusted handyman to carry out alterations or repairs or upgrades on your chosen property.  

Your Agent Does the Running Around: Do you really have time to do all the research, pull together the information you need to make an informed decision about things like running costs of your new apartment, the type and cost of insurance you might need, or whether there are unpaid strata fees or utility bills attached to a sale? Your agent doesn’t just handle price negotiations and paperwork for sale. They also take the strain out of organizing things like home inspection reports, mortgage recommendations, and navigating all the legal and practical niceties involved in completing a successful Cayman Islands property purchase.

The Big Selling Point: It’s a Free Service Yes, it’s true. The services of your Cayman Islands real estate broker are completely free to you, the buyer. Agency fees are paid only by the seller. Your only concern should be budgeting around 10% on top of the purchase cost of the apartment to cover the 7.5% government stamp duty and home inspection, legal, and mortgage (if any) fees.